GHSI(SZ:000576) Soochow Securities·2025-10-27 11:15Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported significant performance recovery in the first three quarters of 2025, with total revenue reaching 361 million yuan, a year-on-year increase of 29.73%, and a net profit attributable to shareholders of 77.53 million yuan, up 287.11% year-on-year [1][7] - The high growth in performance is primarily attributed to significant contributions from non-recurring gains, amounting to 68 million yuan, while the core profit (deducting non-recurring items) only slightly increased by 2.72% [7] - The sales gross margin decreased to 45.53% from 54.59% in the same period last year, mainly due to a 55.63% increase in operating costs, which outpaced revenue growth [7] - The company maintains a healthy asset-liability structure with a debt ratio of 24.30%, indicating manageable leverage risk [7] - Cash flow performance has improved, with net cash flow from operating activities reaching 11 million yuan, a significant recovery from a negative 48 million yuan in the same period last year [7] Financial Forecasts - The company is expected to achieve net profits of 105 million yuan, 159 million yuan, and 235 million yuan for the years 2025, 2026, and 2027, respectively, corresponding to P/E ratios of 44, 29, and 20 times [7][8] - Revenue projections for 2025, 2026, and 2027 are 529 million yuan, 678 million yuan, and 838 million yuan, reflecting growth rates of 33.41%, 28.30%, and 23.61% respectively [8]